English, Article edition: Between Search and Walras Eugene Kandel; Avi Simhon

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Physical Description
  • article
Language
  • English

Edition details

Title
  • Between Search and Walras
Author
  • Eugene Kandel
  • Avi Simhon
Physical Description
  • article
Notes
  • We present a model in which unemployed workers simultaneously sample n potential employers. By varying n, we nest search and Walrasian-type models of the labor market. We show that low values of n yield typical search equilibria: the wages are dispersed below the marginal productivity of labor. Interestingly, as n exceeds a relatively small threshold, the Walrasian-type equilibrium emerges with the competitive wage quoted by all firms. For intermediate values of n, the equilibrium is a hybrid of the Walrasian and search equilibria. The model generates wage rigidity and yields novel predictions regarding the comovement of wages, firm turnover, and unemployment.
  • RePEc:ucp:jlabec:v:20:y:2002:i:1:p:59-85
Language
  • English
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